Bitcoin Market Dominance Has Touched Its Highest Level in 3 Years

Liputan6.com, Jakarta – Bitcoin's market cap dominance has reached its highest level in three years as altcoins feel renewed price pressure. Data from Cointelegraph Markets Pro and TradingView shows Bitcoin's share of total crypto market capitalization jumped to 56.3% on April 12.

Reporting from Cointelegraph, Wednesday (17/4/2024), altcoins experienced a decline after the decline in BTC prices. BTC price action suffered until the weekend with a flow of liquidations that brought BTC below USD 65,300 or the equivalent of IDR 1.05 billion (assuming an exchange rate of IDR 16,258 per US dollars).

However, at the same time, altcoins are facing much worse conditions, with data showing many of the top twenty cryptocurrencies by market capitalization down more than 15%.

In doing so, altcoins shed crypto market share to Bitcoin, and the recent highs mark the crypto market's most heavily weighted against Bitcoin since April 2021.

Crypto traders are among those who have noted the disparity in withdrawals between Bitcoin and altcoins in recent days.

Alt Season Hope

Historically, Bitcoin bull markets tend to experience dominance breakthroughs in the early stages, with altcoins later catching up after BTC undergoes a prolonged period of consolidation.

So far in 2024, altcoins, while performing well, have not experienced such conditions for any meaningful period of time. However, predict what will happen next.

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